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U.S. Bans Venezuela's Cryptocurrency

posted by mrpg on Wednesday March 21 2018, @04:11AM   Printer-friendly
from the ¿y-ahora-que? dept.

takyon writes:

U.S. bans transactions with Venezuela's digital currency

President Donald Trump on Monday signed an executive order barring any U.S.-based financial transactions involving Venezuela's new petro cryptocurrency, as U.S. officials warned that it was a "scam" by President Nicolas Maduro's government to further undermine democracy in the OPEC country.

"The 'petro' is a desperate effort by a corrupt regime to defraud international investors," a senior U.S. administration official told reporters, strongly warning that any transactions in the petro digital currency would violate U.S. sanctions. "Investing in the 'petro' should be viewed as directly supporting this dictatorship and its attempts to undermine the democratic order in Venezuela," the official added.

Trump's order bars "all transactions related to, provision of financing for, and other dealings in, by a United States person or within the United States, any digital currency, digital coin, or digital token," issued by Venezuela's government since Jan. 9, the White House said in a statement.

Also at the New York Times.

Previously: Enter the "Petro": Venezuela to Launch Oil-Backed Cryptocurrency

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  • (Score: 2, Insightful) by khallow on Wednesday March 21 2018, @06:50AM (3 children)

    by khallow (3766) Subscriber Badge on Wednesday March 21 2018, @06:50AM (#655949) Journal
    OTOH, scammers often know their own kind. In any case, the argument is irrelevant. The "petro" is backed by Maduro's feelgoods not by Venezuelan oil. It is automatically a scam. It doesn't need Trump's opinion to grace it with the label.
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  • (Score: 3, Interesting) by ilPapa on Wednesday March 21 2018, @03:03PM (2 children)

    by ilPapa (2366) on Wednesday March 21 2018, @03:03PM (#656121) Journal

    The "petro" is backed by Maduro's feelgoods not by Venezuelan oil.

    How is that different from Bitcoin?

    --
    You are still welcome on my lawn.

    • (Score: 2) by requerdanos on Wednesday March 21 2018, @03:51PM

      by requerdanos (5997) Subscriber Badge on Wednesday March 21 2018, @03:51PM (#656149) Journal

      The "petro" is backed by Maduro's feelgoods not by Venezuelan oil.

      How is that different from Bitcoin?

      Or any fiat currency, such as the Dollar or the Pound?

    • (Score: 2, Insightful) by khallow on Wednesday March 21 2018, @05:15PM

      by khallow (3766) Subscriber Badge on Wednesday March 21 2018, @05:15PM (#656212) Journal

      How is that different from Bitcoin?

      It's backed by the feelgood of a lot more people, none who have the power to screw over currency holders any time they feel like it.